The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1887-11-22


to our Government, they have authorized |
charges by brokers and others to an enor-
nous extent and beyond the limit OF the |
statute.
Bv the opinion of the Supreme Court IN |
the matter this Government is not III any
wise bound by these unauthorized acts OF
our agents. The money, however, to
large amount was received and largely ex-
pended by our Government before 1t was
advised of the illegal manner in which the
loan negotiations had been conducted.
I therefore recommend that bonds in
United States gold, according to the statute,
be issued to subscribers to the full amount
realized by the Government, not including
the ELS 900 and other similar unauthorized
charges. II. T. BALDWIN.
As one of the members of the said COM
mittee, l hereby endorse the above report
and withdraw my signature from the ma
iority report previously read, which l
signed in the press of other matters without
reading it and upon misunderstanding OF
the nature of its contents.
GEO. H. DOLE.
The report was laid on the table to be
considered with the majority report and
bill in committee.
NOTICE OF BILL.
Minister Brown gave notice of an Act to
establish compensation for the Representa-
tives of the people.
ROAD REPAIRS.
Rep. Kalaukoa offered resolution that
the Minister of the Interior send the Super
intendent of Public Works to make an esti
Of hot will fO q
at the head of Beretania street leading to
Smiths bridge.
THE ENGLISH BONDS.
Minister Ashford read first and second
time bv title, g An Act to authorize the
Minister of Finance to execute and deliver
certain bonds"
On motion the House resolved itself into
committee to consider the Act, Noble Hitch
cock IN the Chair.
Section 1 was then read as follows:
Section L. The Minister of Finance shall
be and is hereby authorized to execute and
deliver to such SAID subscribers bonds to the
amount respectively subscribed by them, in
words and figures as in the schedule here
under written.
President Wilder moved that when the
committee rise they recommend the House
to pass the section.
Rep. Kinney moved as an amendment
TIE section read so that the discretion to
execute and deliver the bonds is left to the
Minister of Finance.
Minister Green said the Government af-
ter seriously considering the matter the
past two months, found they could not
sign the bonds. He would like nothing
better than to hold the bonds and say they
must settle or we keep them. He was sorry
to admit he could see no real advantage in
| this course at the last. If they say no in
London, we have got to give up the bonds
anyhow. Myself and colleagues have in
| tended to send the bonds to an agent and
see what he could do. But it would be i'm
| polite to spread that on an Act. They had
really no right to keep the bonds from
| their bona fide subscribers, because their
| agents did not act exactly right. He be-
| beved Armstrong wat responsible for every
| dollar wrOngfully paid. If they were to
| sue him they could get it. He earnestly
begged of the House not to inJure their
credit with one of the greatest financial
countrys in the world, by showing on the
]
the delivery of these bonds. It was a
great advantage having this loan f1oated in
| the London market, Notwithstanding the
large expenses they had to pay. Our
bonds have been quoted at 8 per cent. pre-
MUM. If they send these bonds the
quotations would reach that figure again
! It was an advantage having the bonds in
pounds sterling. That is the money of one
of the largest financial countries OF the
world. He had before him memorandum
from one of the largest financial houses in
Honolulu who would like their bonds
changed from United States to English
money. They were not doing anything
wrong in making the bonds payable in
English gold instead of United States. He
believed if these bonds were sent properly
| signed, that the Government if it wanted
another loan would be able to get it at a
| better advantage If they hesitated they
would lose the confidence of one of the
greatest financial markets for years. They
should leave it in the hands of the Minister
of Finance, and not put it IN any law as il
would look too much like hesitation.
Noble Baldwin after referring to the
| u,
the decision of the Supreme Court, thought
the principals in this matter were the syndi-
cate to whom the Government and public
look to having taken their scrip. The
financial agents with the syndicate had
gone entirely against the law first and last
He was sure they would all think their
rights had been outrageously dealt with
under the law. They had been trampled
upon. Were they going to use whitewash
because it was said it would injure them
He knew the parties concerned and it was
with deep regret he took his present stand
If they did right they would be far better
respected. He was in favor of the bonds
being issued, less the 915,000 and that the
Act be strictly adhered to.
Noble Waterhouse asked what position